IMI grows revenues, profits in 2013

Engineering group IMI said it expects modest organic revenue growth in the first half of 2014 after a "significant year of process" last year.

The company, which is now a specialist industrial flow control company after the disposal of its Beverage Dispense and Merchandising divisions, said revenues from continuing operations rose 3% to £1,744m in 2013, up 1% on an organic basis.

The Severe Service division, which provides in-plant valves, actuation and control products, saw 3% organic growth to £716m last year, helped by good order momentum in the petrochemical sector and a single record order in oil and gas.

This helped to offset a 1% fall in the Fluid Power division to £723m, though the fluid control applications division did see growth return in the second half.

Group adjusted pre-tax profits increased by 8% to £297.7m, while adjusted earnings per share rose 12% to 72.6p.

The board recommended a final dividend of 22.5p per share, bringing the total payout to 35.3p, up 9% year-on-year.

Newly appointed Chief Executive Mark Selway, who joined the board at the start of the year, initiated a review of all parts of the group and said that positive early findings are already emerging.

"These findings, together with IMI's inherent strengths, including its robust balance sheet, indicate that the group is well positioned to exploit a range of growth opportunities over the medium term," he said.

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